Amy Knight is a 27-year-old, disruptive entrepreneur, owner, founder and Director of Must Have Ideas, a leading UK e-commerce company generating an annual turnover of £65 Million.
Please tell us a bit about yourself and your background.
I’m Amy Knight, co-founder and Director of Must Have Ideas, a leading UK e-commerce retailer, selling unique and useful homeware goods. After completing a degree in Law at Kent University, and experience working in Operations while studying I chose entrepreneurship.
I first started selling products from our spare room in Rochester and learned everything about Meta marketing and digital marketing from my own self-taught research. Since then Must Have Ideas has grown into a 40,000-square-foot warehouse and a full-time staff of 140.
Amy, you co-founded Must Have Ideas just six years ago with a modest £3K investment and it’s now on track to turn over £60 million this year. What inspired you to start this e-commerce business, and what do you think has been the key to its rapid growth?
After a trip to the US, we found our first product, the Hygiene Hero – a silicone sponge with bristled fingers on it – which would become the basis for our product range. We began to supply these sorts of products you wouldn’t find in a supermarket, but would solve a problem for consumers. My husband, Rob, and I enlisted the help of Chris Finch, a former colleague at Ecoegg as a third co-founder.
A key to our success is always putting our customers first, they are at the forefront of everything we do. Our customer service team are based at our HQ in Kent and is fully empowered to do whatever they need to do to look after our customers. This customer-centric approach ensures that customers have a great experience, making them more likely to come back.
Another key is building a great team, we have also recruited based on attitude rather than skill. Having a team that cares about being a part of the business’s journey has helped to accelerate our growth.
Starting from packaging products at your dining room table to running a multi-million-pound business is an incredible journey. Can you share some of the pivotal moments or turning points that significantly contributed to your success?
We had hit daily sales of £10,000 in February 2019 before the 2020 lockdown happened. We initially sold everything in lockdown and almost couldn’t keep up with it. But then the global shipping delays hit and container prices soared, leading to us deciding to suspend shipping some of our larger items until costs stabilised. It was a tough decision at the time but it was the right choice in the long run.
At just 27, you’ve achieved a place on the Forbes 30 Under 30 List and have two young children. How do you balance the demands of being a mother and a successful entrepreneur?
I try to balance the responsibilities between being an entrepreneur and a mum. While the flexibility helped, it also meant I couldn’t take much maternity leave either time with my daughters while leading a fast-growing company. I started answering emails not long after my first daughter was born and started going back to the office one day a week when I had my second daughter. It can be difficult to manage both but it’s all about being flexible and managing time. A lot of our customers are busy parents themselves so I’ve made an important part of my brand that I’m a mum myself and a lot of customers relate to that.
Customer service is at the heart of Must Have Ideas. How do you ensure that your company consistently delivers excellent customer service as it scales?
We proudly offer very traditional customer service. We offer quick delivery, in two working days or your order is free, a 100-day money-back guarantee and an easy returns process. Customer service is available 8am to 8pm, 7 days a week and we can be contacted via email. social media, phone calls and even by post. Keeping customer service consistent is important to us and delivered by training the team to a high standard and ensuring the team knows that they are fully empowered to do what is right by the customer.
Data and technology are foundational to your business. Can you elaborate on how you leverage these tools to drive growth and maintain a competitive edge in the e-commerce sector?
Leveraging data is the key to everything we do, I taught myself how to run Meta ads when we started selling and quickly realised how using data is key to this. We also use advanced, custom-built technology for all our internal systems. This enables us to make really informed decisions about our marketing.
We also leverage data in every other aspect of the business, including operations to ensure we are providing the best possible level of service as efficiently as possible.
As a young female entrepreneur, what challenges have you faced in the business world, and how have you overcome them?
I’ve faced a lot of people underestimating me, assuming my age or gender would hold me back as an entrepreneur. I’ve also had experiences where people we’ve worked with have gone over my head and spoken to my male co-founders instead of me, or haven’t recognised me as an equal founder in the company. I have had to be forceful and ensure that I am recognised as a founder of the company and as a business leader, including being listed in the Forbes 30 under 30 and being interviewed in The Sunday Times.
Your business has grown tremendously in a short period. What advice would you give to other aspiring entrepreneurs who are looking to start and grow their own businesses?
Don’t hesitate and just go for it.
Stay focussed.
Don’t be afraid to test and try new things.
Must Have Ideas is one of the UK’s fastest-growing e-commerce businesses. What future trends in e-commerce do you foresee, and how is your company preparing to stay ahead?
The increase in the use of AI, we are starting to use this more and more within the business but still feel you need human review too.
Looking back on your journey, what are some of the most valuable lessons you’ve learned, and what are your aspirations for the future of Must Have Ideas?
Confidence!
To manage cash flow closely, especially when you are growing quickly as it is difficult to fund growth. Our future aspirations are to become a household name with a Must Have Ideas product in every home.
After a successful pilot a few years ago we are also really keen to expand overseas, particularly to the US.
